A beneficiary designation is a great alternative to including Rochester Regional Health in your will or estate. All you need to do is complete a form, obtainable from your plan administrator.
Beneficiary designations are available when giving the following assets:
Retirement Assets
Naming Rochester Regional Health as a beneficiary of your retirement is among the most tax-wise ways to make an estate gift. This is because your retirement assets, if left to individuals, will be subject to income tax when they receive distributions and, in the case of a non-spouse, those distributions may be accelerated.
Life Insurance
You can also designate Rochester Regional Health as a beneficiary of all or a portion of the death benefit associated with your life insurance policy. Or, as an alternative, you can transfer ownership of the policy to us. Transferring ownership results in an immediate income tax charitable deduction and potential income tax savings in the year of the gift.
Other Assets
- Commercial Annuity Contracts – a commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name Rochester Regional as a beneficiary (sole or partial) on the appropriate form from the insurance company.
- Bank Accounts – you can instruct your bank to pay Rochester Regional all or a portion of what remains in a checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.
- Investment Accounts – you can instruct your investment company to transfer some or all investments held in the account at the time of your passing to Rochester Regional. Your broker or agent can let you know the process for doing this, which may be as simple as adding “T.O.D. to Rochester Regional Health Foundations” after your name on the account.